Buying a Home? There Are More Perks Than You’d Think
Interest rates may be at the highest we’ve seen in years, but the truth is, that doesn’t mean buying a home isn’t a good investment anymore. In fact, becoming a homeowner has financial and emotional benefits worth bragging about. From getting a personal sense of achievement to having the freedom of customizing your living space, let’s talk about why buying a home might be the right choice for you in 2023.
Cut the grass and cut some stress out of your life.
We’re not saying homeownership is a cure-all for stress, but it does give you the liberty to leave some stresses behind that renting causes. For one, homeowners move less frequently than renters. So if packing up and moving out isn’t your jam, the stability of buying a home might be for you. Similarly, you can rely on having a fixed mortgage each month so you know what you’re paying as far as 30 years down the road. When you rent, you have to deal with the worry of your landlord raising the prices, or even your building getting bought out, year after year.
Find your home, find your community.
When you rent, you deal with a constant influx of new neighbors. It’s hard to build a community when there’s a constant rotation of those around you! Buying can encourage a stronger sense of community. The National Association of Realtors writes “living in one place for a longer amount of time creates an obvious sense of community pride, which may lead to more investment in said community.”
A paper conducted by researchers at Harvard also found that homeownership led to higher levels of participation in local volunteer organizations and political activities. They even found it influenced behaviors such as school performance in children.
Love your independence.
Homeownership brings a lot of independence that renting doesn’t lend you to have. Sociologist and senior fellow at the Greater Good Science Center, Christine Carter, explains “being financially comfortable enough to provide your own housing is an act of independence.” Completing milestones like hopping for a house and getting approved for loans gives individuals a significant source of pride and autonomy.
When you own a home, you’re in charge of its upkeep and maintenance, and many homeowners thrive with the responsibility. NAR reports that even just renovating can give homeowners a joy score of 10, such as new wood flooring, closet renovation and painting a room. As a property owner, you’re in charge of caring for your own investment, and that psychologically means a lot.
Start your home search this year.
Psychologically alone, buying a home can do wonders for your health. And as we eagerly leave the past couple of years of stress and instability behind, isn’t it time we bring a little more of that in? If you’ve been thinking about buying a home, 2023 could be the year to make the jump. Any of our agents here at Baird & Warner can walk you through the process and help you find the right home for you, without the complicated parts.